Posted in Banking

Evergrande set to miss second offshore bond coupon payment this month, sources say

Some Evergrande bondholders had not received coupon on Wednesday Evergrande was facing Wednesday deadline for $47.5 mln payment Company sold $1.5 billion stake in Shengjing Bank (Finance & Banking Trends) Shares in Evergrande rise as much as 17% HONG KONG, Sept 29 (Reuters) – At least some of China Evergrande’s…
Continue Reading Evergrande set to miss second offshore bond coupon payment this month, sources say
Posted in Banking

Hong Kong banks have limited exposure to stressed Chinese developers – regulator

By Reuters Staff 2 Min Read FILE PHOTO: A general view of the central financial district, in Hong Kong, China March 11, 2021. REUTERS/Tyrone Siu/File Photo HONG KONG (Reuters) – The risks to Hong Kong banks from heavily indebted Chinese property developers are manageable, a top executive at the city’s…
Continue Reading Hong Kong banks have limited exposure to stressed Chinese developers – regulator
Posted in Banking

China Banks Downplay Risks After Evergrande Missed Payments – Bloomberg

China Banks Downplay Risks After Evergrande Missed Payments  Bloomberg Chinese banks brace for losses as Evergrande reckoning looms  Nikkei Asia Evergrande’s Problems Prompt China’s Banks, Insurers to Pull Back on New Credit  Insurance Journal China injects $71bn into banking system amid Evergrande crisis  The National China Detains Top HNA Group…
Continue Reading China Banks Downplay Risks After Evergrande Missed Payments – Bloomberg
Posted in Banking

China bans cryptocurrency transactions in sweeping crackdown

China’s central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. The price of bitcoin, Ethereum and other cryptocurrencies slumped after reports of the crackdown. In morning trade, bitcoin was valued at $42,620, down from…
Continue Reading China bans cryptocurrency transactions in sweeping crackdown
Posted in Banking

Chinese banks try to calm fears about developer’s debts

By JOE McDONALD, AP News. BEIJING (AP) — Seeking to dispel fears of financial turmoil, some Chinese banks are disclosing what they are owed by a real estate developer that is struggling under $310 billion in debt, saying they can cope with a potential default. The announcements came as Evergrande…
Continue Reading Chinese banks try to calm fears about developer’s debts
Posted in Banking

Chinese banks brace for losses as Evergrande reckoning looms

HONG KONG — With $305 billion owed to banks, bondholders, trust companies, homebuyers, suppliers and contractors — plus an unknown amount in off-balance sheet liabilities largely owed to retail investors — who will collect first if China’s Evergrande defaults? This is the question in Beijing and the financial corridors of…
Continue Reading Chinese banks brace for losses as Evergrande reckoning looms
Posted in Banking

Chinese Banks Set To Establish Operations In Nigeria

The Chinese Ambassador to Nigeria, Cui Jianchin, has disclosed that his country is working towards the establishment of Chinese-owned bank operations in Nigeria. Mr Jianchin this known in Abuja while addressing journalists during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week on Tuesday. Jianchin who said…
Continue Reading Chinese Banks Set To Establish Operations In Nigeria
Posted in Banking

These Chinese banks are still hiring aggressively in Hong Kong

Most global banks have wrapped up their big hiring plans for the year, but Chinese banks are still busy trying to bring people on board. “For western firms, hiring windows are pretty much closed for the year, unless for candidates who are immediately available.  But some Chinese banks like CLSA…
Continue Reading These Chinese banks are still hiring aggressively in Hong Kong
Posted in Banking

Evergrande Gave Workers a Choice: Loan Us Cash or Lose Your Bonus

When the troubled Chinese property giant Evergrande was starved for cash earlier this year, it turned to its own employees with a strong-arm pitch: Those who wanted to keep their bonuses would have to give Evergrande a short-term loan. Some workers tapped their friends and family for money to lend…
Continue Reading Evergrande Gave Workers a Choice: Loan Us Cash or Lose Your Bonus
Posted in Banking

EXCLUSIVE China Evergrande’s lenders weigh up loan losses, rolling over credit – sources

BEIJING/HONG KONG, Sept 17 (Reuters) – One of China Evergrande Group’s (3333.HK) main lenders has made provisions for losses on a portion of its loans to the embattled property developer, while some creditors are planning to give it more time to repay, four bank executives told Reuters. The Chinese banks’…
Continue Reading EXCLUSIVE China Evergrande’s lenders weigh up loan losses, rolling over credit – sources